Vodafone Q3 FY26 Trading Update

February 2026 Q3 FY26 Trading Update

Q3 FY26 Trading Update ⫶ February 2026

Highlights

Group Q3 service revenue

+5.4%

Service revenue growth in Europe & Africa

Europe Q3 service revenue

+0.4%

Group Q3 Adj. EBITDAaL

+2.3%

Germany Q3 service revenue

+0.7%

Continued service revenue growth in Germany

Fixed line service revenue improvement

+1.2pp

1&1 customers using our network

>12m

UK Q3 service revenue

-0.5%

UK good progress in line with expectations

Mobile Consumer contract churn

+1.7pp

Integration & network investment plan

On track

FY26 Guidance 1

Continue to expect to deliver at the upper end of our FY26 financial guidance ranges

Adjusted EBITDAaL

€11.3-€11.6 billion

Adjusted FCF

€2.4-€2.6 billion

1. Further information on FY26 guidance on page 9.

Basis of preparation: Unless otherwise stated, growth rates represent organic growth. Organic growth represents performance on a comparable basis, excluding the impact of foreign exchange rates, mergers and acquisitions, and the hyperinflation adjustments in Türkiye, to improve the comparability of results between periods. The Group is consolidating VodafoneThree into its financial results from 1 June 2025.

Q3 FY26 Trading Update ⫶ February 2026

Financial Highlights ⫶ Growth in Europe & Africa

Group service revenue growth

Regional service revenue growth

Adjusted EBITDAaL

Group

Group excl. Türkiye

Europe

Europe (ex. MDU impact)

Africa

5.8%

5.5%

5.4%

5.2%

13.8%

13.5%

€2.8-3.1bn

€3.0bn

11.6%

€2.8bn

€2.7bn

3.3%

3.2%

0.5%

0.4%

0.2%

0.1%

(0.4)%

2.2%

1.7%

1.3%

(1.3)%

(1.9)%

(2.1)%

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q3 FY26

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q3 FY26

Q1 FY26

Q2 FY26

Q3 FY26

Q4 FY26e

• Service revenue growth supported by strong contributions from Türkiye & Africa • Vodafone Business +3.0% in Q3, with tough prior year comparative in the UK

• In Europe, continued growth in Germany & slowdown as expected in the UK • Africa maintained good momentum • Türkiye & Egypt continue to grow in euro terms, at 3.7% 1 & 33.1% respectively

• +2.3% 2 growth in Q3 on a like-for-like basis • Year-to-date adjusted EBITDAaL grew +5.3% 2 to €8.5bn • Phasing consistent with expectation to deliver the upper end of FY26 guidance range (€11.3-11.6bn)

1. Growth in euro terms excluding the impact of hyperinflationary accounting adjustments. 2. Organic Adj. EBITDAaL. Organic growth represents performance on a comparable basis, excluding the impact of foreign exchange rates, mergers and acquisitions, and the hyperinflation adjustments in Türkiye, to improve the comparability of results between periods.

Q3 FY26 Trading Update ⫶ February 2026

Germany ⫶ Continued service revenue growth

Germany 32% of Group service revenue 1

+0.7% Q3 Service revenue growth

Value-focused actions

• Service revenue supported by wholesale & digital services • Competitive intensity still impacting mobile ARPU • Mobile service revenue growth in Q3 impacted by phasing of service provider payments (c.-1pp QoQ) • 1&1 migration complete • Fixed service revenue improving & Consumer broadband revenue stabilised

• Mobile contract customer base grew (+11k) despite ongoing price competition & B2B disconnections (-31k) • Our value-focused pricing actions impacting new gigabit customer wins • OXG fibre build progressing, with 460k homes passed + marketing to 1.5m • Largest gigabit connectivity provider with 25m cable & 5m fibre household reach

• Strong focus on value across mobile & broadband • Higher broadband inflow ARPU 2 driven by our price actions: − reduced promotions − increase in one-time & hardware fees − ‘more-for-more’ speed upgrades from January 2026 • Continued growth in NPS on mobile & cable

Pricing actions Broadband inflow ARPU 2 trend & price actions Inflow ARPU

Service revenue growth (%)

Net additions (‘000)

Gigabit broadband

DSL

Mobile contract

21%

Organic

Organic excl. MDU transition impact

Mar’25 ↑ DSL

Jun’25 ↑ Shipping charges

Sep’25 ↑ Cable & hardware

Oct’25 ↑ DSL

Jan’26 ↑ Cable, DSL & hardware

0.7%

0.5%

(1)

(0.3)%

(8)

(2.6)%

(2.7)%

(3) (4)

(16)

(11)

(15)

(8)

(15)

(47)

(3.2)%

(36)

(6.0)%

(6.4)%

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q3 FY26

Q4 FY26

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q3 FY26

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q3 FY26

1. Based on Q3 FY26 service revenue contribution. 2. Inflow ARPU represents the average revenue per unit from new customers.

Q3 FY26 Trading Update ⫶ February 2026

UK ⫶ Good progress in line with expectations

UK 1 23% of Group service revenue 2

-0.5% Q3 Service revenue growth

Integration

• As anticipated, service revenue declined, driven by strong prior year comparative in Business & Wholesale • Maintained strong commercial momentum in Consumer & Wholesale • Business affected by the previously flagged prior year one-off project revenue

• Mobile contract net additions impacted by the disconnection of very low value Business SIMs (-53k) incl. Three brand • Strong improvement in Consumer contract mobile churn (+1.7pp YoY) across all brands • The UK’s fastest growing broadband provider with 64k broadband & 11k Fixed Wireless Access 3 net additions in Q3

Transforming mobile network experience • >8,000 MOCN 4 site activations, 4 months ahead of schedule • Early impacts of network improvement recognised by independent tests Clear synergy target pathway • On track to deliver £700m cost & capex synergies by FY30 • Retail & property consolidation started • Organisation simplification continues Unique portfolio & propositions • Launch of new ‘Vodafone Together Family’ plans in November 2025 • Multi-brand mobile strategy • Largest gigabit footprint covering 22m households

Service revenue growth (%)

Net additions (‘000)

Fixed

Mobile contract

3.3%

3.1%

1.2%

0.9%

(0.5)%

(46)

(73)

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q3 FY26

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q3 FY26

1. FY26 results include two months of Vodafone UK on a standalone basis and seven months of VodafoneThree results. 2. Based on Q3 FY26 service revenue contribution. 3. Fixed Wireless Additions are reported under mobile additions. 4. MOCN: Multi-Operator Core Network

Q3 FY26 Trading Update ⫶ February 2026

Other Europe & Türkiye

Other Europe 15% of Group service revenue 1

Türkiye 8% of Group service revenue 1

+1.2% Q3 service revenue

+38.5% Q3 service revenue

• Growth in Ireland, Greece, Czech & Albania due to higher customer base supported by our customer experience actions • Continued ARPU pressure in Portugal & Romania • Acceleration of service revenue in Q3 due to phasing of project work in Greece & Romania

• Mobile contract & broadband customer base continued to grow despite competitive intensity • Acquisition of Telekom Romania assets completed & integration underway • Contract net additions impacted by loss of Telekom Romania customers (-70k)

• Lower inflation leading to moderating service revenue growth • Continued growth in euro-terms • Ongoing price actions, strong digital services demand & customer base management • Strong growth in Business due to digital services & connectivity demand • Nationwide 5G to be launched in Apr 2026

Service revenue growth (%) Reported growth in euro 2

Service revenue growth (%)

Net additions (‘000)

Fixed

Mobile contract

2.6%

53.1%

52.3%

153

1.2%

29.6%

0.8%

0.2%

14.8%

(0.5)%

3.7%

(5)

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q3 FY26

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q3 FY26

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q3 FY26

1. Based on Q3 FY26 service revenue contribution. 2. Growth in euro terms excluding the impact of hyperinflationary accounting adjustments.

Q3 FY26 Trading Update ⫶ February 2026

Africa ⫶ Continued growth across all markets

Internationals 5% of Group service revenue 1

Egypt 6% of Group service revenue 1

South Africa 10% of Group service revenue 1

+1.4% Q3 service revenue

+39.4% Q3 service revenue

+15.7% Q3 service revenue

• Stable trend with strong prior year comparator in prepaid, offset by an acceleration in Business • Mobile contract price increases announced & effective February 2026 • Good financial services growth of 8.4% with strong demand for insurance products • Business +4.8% supported by IoT growth

• Sustained growth well above inflation partially offset by lapping price increases in December 2024 • Euro term growth (33.1%) supported by higher customer base & continued data demand • Strong Vodafone Cash revenue growth of 60.0% & customer base growth of 28.9%

• Acceleration in growth supported by strong performance in DRC & further improvement in Mozambique • Strong M-Pesa growth (24.6% YoY) • Acquisition of Safaricom announced in December 2025 by Vodacom: − ownership increases to 55% − transaction expected to close Q4 FY26 − to be fully consolidated

Service revenue growth (%)

Service revenue growth (%) Reported growth in euro

Service revenue growth (%)

33.1%

32.5%

29.0%

15.7%

14.7%

5.2%

12.6%

3.3%

3.2%

2.9%

9.3%

7.5%

(8.9%)

1.4%

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q3 FY26

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q3 FY26

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q3 FY26

1. Based on Q3 FY26 service revenue contribution.

Q3 FY26 Trading Update ⫶ February 2026

Vodafone Business ⫶ Impacted by prior year comparative

Financial performance

+3.0% Q3 Service revenue growth

Unique digital capabilities

+11.1% Q3 digital services 1 revenue growth

Market performance

5.0m Business customers

• Growth supported by continued demand for digital services & strong growth in Türkiye & Africa • Q3 impacted by: − UK previously flagged one-off digital services project revenue in the prior year − ongoing core connectivity pressure in Germany

• Digital services represents 26% of total service revenue • 18.6% YoY growth in Cloud portfolio and continued strong double-digit growth in SaaS 2 • 234 million IoT connections (18% YoY) • Microsoft Telco Innovation Partner of the Year 2025

• Germany decline due to ARPU pressure in mobile • UK impacted by prior year one-off project revenue & ongoing impact from planned managed services contract terminations • Other Europe supported by project delivery in Greece & Romania • Strong demand for digital services & mobile connectivity across Africa

Digital services 1 revenue growth (%)

Digital Services 1 as a % of total B2B service revenue

Business service revenue growth (%)

Q3 FY25

Q3 FY26

16.1%

15.1%

14.5%

5.1%

12.2%

11.1%

4.3%

4.0%

3.0%

2.9%

(1.1)pp

+3.4pp

+4.6pp

+5.3pp

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q3 FY26

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q3 FY26

OEU

1. Digital services include IoT, Cloud & Security services; and from Q1 FY26 also include SDN & Digital Communication. Solutions. Q1 FY26 growth rate has been restated to reflect a reclassification of digital services product in the UK. 2. SaaS = Software as a Service. 3. Albania, Czech Republic, Greece, Ireland, Portugal and Romania.

Q3 FY26 Trading Update ⫶ February 2026

FY26 guidance ⫶ Continue to expect to deliver at the upper end

Adjusted EBITDAaL

Adjusted FCF

Capital Intensity

(€billion)

• Broadly maintained market by market

FY25 actual

10.9

2.5

Leverage ratio

Impact of exchange rates

(0.3)

(0.1)

• Lower half of 2.25-2.75x range

Remove Türkiye hyperinflation accounting

0.2

FY25 rebased 1,2

10.8

2.4

Expectation for Europe

Growth

0.2-0.5

0.2-0.4

• Expecting to deliver at upper end of €7.5-7.7bn Adj. EBITDAaL range for FY26 (incl. UK merger)

FY26 guidance 1,3

11.0-11.3

2.6-2.8

Dividend per share

10-month FY26 UK merger impact

0.3

(0.2)

• Committing to a progressive dividend policy • 2.5% increase for full year FY26 dividend

FY26 guidance (incl. UK merger) 1,3,4

11.3-11.6

2.4-2.6

Continue to expect to deliver at the upper end of the guidance ranges

1. Excluding the impact of hyperinflation accounting in Türkiye. 2. FY25 re-based outcome based on FY26 guidance FX rates. 3. FY26 guidance FX rates (to €): ZAR 20.59, TRY 43.42, EGP 56.74, GBP 0.85. 4. The guidance assumes no material change to the structure of the Group and is subject to macro economic conditions.

Q3 FY26 Trading Update ⫶ February 2026

Appendices

More information

p11

ESG reporting & performance

p12

III

Importance notice

p13

Q3 FY26 Trading Update ⫶ February 2026

Provide investor feedback here ⫶ vodafone.com/feedback

I More information

Africa ⫶ Vodacom Investor day 2025

Vodafone Business ⫶ Virtual investor briefing

Introducing Vision 2030 • We have structural growth opportunities • We are a market leader supporting attractive ROCE

Connecting people, places & things for a better future • We operate in attractive markets • We have unique scale & capabilities • We have strong operating momentum • We are on a clear growth pathway

• We are an infrastructure owner • We are a responsible corporate

Materials including videos, presentation, case studies & Q&A: investors.vodafone.com/vbbriefing

Materials including videos, presentation, case studies & Q&A: vodacom.com/presentations

Additional data ⫶ Spreadsheet format

Vodafone Technology ⫶ Virtual investor briefing

investors.vodafone.com/results

A globally scaled operator • Our customer demand continues to accelerate • We have a strong technology roadmap

01.

Quarterly revenue

09.

Fixed broadband customers

02.

Vodafone Business revenue

10.

Marketable homes passed

03.

Quarterly adjusted EBITDAaL

11.

TV customers

• We allocate capital to drive returns • We are transforming to deliver growth

04.

Group financial performance

12.

Converged customers

05.

Segmental results

13.

Mobile churn

06.

Segmental analysis

14.

Mobile data usage

07.

Cash flow

15.

Mobile ARPU

Materials including videos, presentation, case studies & Q&A: investors.vodafone.com/vtbriefing

08.

Mobile customers

16.

FX rates

Q3 FY26 Trading Update ⫶ February 2026

II ESG reporting and performance

Extensive suite of ESG disclosures

Strong ESG performance

Annual Report ⫶ vodafone.com/ar2025

ESG Addendum ⫶ vodafone.com/esgaddendum

ESG Ratings ⫶ investors.vodafone.com/esg-ratings

• Integrated reporting covering ESG strategy & performance • Complimented by six videos on key ESG topics

• >1,200 datapoints, covering >300 indicators, in spreadsheet format • Includes GRI Standards index

MSCI ESG Rating 1,2 “AA”

Sustainalytics ESG Risk Rating 1, 3 “Low risk” #1 in sector

Board conversations ⫶ vodafone.com/videos • Fourteen videos with Chair

ESG A-Z ⫶ vodafone.com/esga-z

• >30 links to supporting disclosures, reports & policies • Categorised by E, S or G & searchable

and Committee chairs • Introductions to new Non-Executive Directors

ISS ESG Corporate Rating 1 “B” Top 6% in sector

Refinitiv ESG score 1,4 “81/100” #3 in sector CDP Climate Change 1 “A” Leadership band

TCFD ⫶ vodafone.com/tcfd

SASB ⫶ vodafone.com/sasb

• Aligning to TCFD framework since 2019 • Fully or partially consistent with all 11 TCFD recommendations

• Seven disclosure topics • Includes additional information beyond what is required in the SASB Standards

1. Unless otherwise stated, ESG ratings and relative position within sector as at 4 th February 2026. See additional disclaimers on page 13. 2. In 2025, Vodafone Group Plc received an ESG rating of AA (on a scale of AAA-CCC) in MSCI ESG Ratings assessment.

3. In 2025, Vodafone Group Plc received an ESG Risk Rating of 11.1 and was assessed by Sustainalytics to be at low risk of experiencing material financial impacts from ESG factors. 4. In 2025, Vodafone Group Plc received an ESG score of 84/100 in Refinitiv Rating assessment, placing Vodafone Group #3 in the sector.

Q3 FY26 Trading Update ⫶ February 2026

III Important notice

You have been provided access to this presentation on the basis that you are an investment professional for the purposes of Article 19 or a member of the press for the purposes of Article 47 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. No other person should act or rely on the information presented and you agree to be bound by the following conditions. You may not disseminate these slides or any recording of this conference, in whole or in part, without the prior consent of Vodafone. Following the completion of the sales of Vodafone Spain and Vodafone Italy, we have updated our financial reporting to recognise that Vodafone Spain and Vodafone Italy are now discontinued operations in accordance with International Financial Reporting Standards (“IFRS”). Accordingly, except where otherwise noted, the Group’s results exclude Vodafone Spain and Vodafone Italy. Discontinued operations are also excluded from the Group’s segment reporting. This presentation contains non-GAAP financial information which the Vodafone Group’s management believes is valuable in understanding the performance of the Vodafone Group. These non-GAAP measures include Adjusted EBITDAaL, Adjusted EBITDaL margin, free cash flow, Adjusted free cash flow, Organic service revenue growth, Organic service revenue growth excluding MDU transition impact, Organic service revenue growth excluding Türkiye, Organic Adjusted EBITDaL growth, Service revenue growth in Türkiye excluding the impact of hyperinflationary accounting adjustments and Organic Vodafone Business service revenue growth. Definitions of these non-GAAP measures can be found in the Vodafone Group Plc Annual Report for the year ended 31 March 2025. This report can be found at investors.vodafone.com. However, non-GAAP financial information is not uniformly defined by all companies and therefore it may not be comparable with similarly titled measures disclosed by other companies, including those in the Vodafone Group’s industry. Although these measures are important in the assessment and management of the Vodafone Group’s business, they should not be viewed in isolation or as replacements for, but rather as complementary to, the comparable GAAP measures. Information in this presentation relating to the price at which relevant investments have been bought or sold in the past or the yield on such investments cannot be relied upon as a guide to the future performance of such investments. This presentation includes certain information from third-party sources. The Vodafone Group has not independently verified the market data or other information (i) contained in third-party sources or (ii) on which such third-party sources are based, nor does the Vodafone Group make any representation or give any warranty as to the accuracy or completeness of such information. The information from third-party sources that is cited here has been reproduced accurately. The use by the Vodafone Group of any MSCI ESG Research LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of the Vodafone Group by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI. Copyright ©2025 Sustainalytics. All rights reserved. This presentation contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers.

References to Vodafone are to Vodafone Group Plc and references to Vodafone Group are to Vodafone Group Plc and its subsidiaries unless otherwise stated. Vodafone, the Vodafone Speech Mark Devices, Vodacom and Together We Can are trade marks owned by Vodafone. Other product and company names mentioned herein may be the trade marks of their respective owners. This presentation, along with any oral statements made in connection therewith, contains “forward- looking statements” including within the meaning of the US Private Securities Litigation Reform Act of 1995 with respect to the Vodafone Group’s financial condition, results of operations and businesses, including guidance on the Vodafone Group’s FY26 Adjusted EBITDAaL and Adjusted free cash flow, as well as information regarding the integration of Telekom Romania and VodafoneThree, the acquisition of Safaricom, the commercial and operational step-up in Germany, the development and commercialisation of new technology offerings, including artificial intelligence (AI), the strengthening of Vodafone Business capabilities, the plan to increase efficiency via simplification, the Group’s ambition to grow its total ordinary dividend over time, and certain of the Vodafone Group’s plans and objectives, including its strategy and strategic roadmap and emissions targets and other ESG goals, commitments, targets and ambitions, climate-related scenarios or pathways and methodologies it uses to assess its progress in relation to those. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as “transform”, “momentum”, “plan”, “continue”, “pathway”, “progress”, “roadmap”, “expect”, “target”, “ambition”, “transition”, “anticipate” or “accelerate” (including in their negative form). By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. A review of the reasons why actual results and developments may differ materially from the expectations disclosed or implied within forward-looking statements can be found under “Forward looking-statements” and “Principal risks and uncertainties” in the Vodafone Group Plc Annual Report for the year ended 31 March 2025 and under “Risk factors” and “Forward-looking statements and other matters” in the Vodafone Group Plc H1 Results for the six months ended 30 September 2025. These reports can be found at investors.vodafone.com. All subsequent written or oral forward-looking statements attributable to Vodafone, to any member of the Vodafone Group or to any persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. No assurances can be given that the forward-looking statements in or made in connection with this presentation will be realised. Any forward-looking statements are made as of the date of this presentation. Except as otherwise stated and as may be required to comply with applicable law and regulations, Vodafone does not intend to update these forward-looking statements and does not undertake any obligation to do so.

Q3 FY26 Trading Update ⫶ February 2026

vodafone.com

Upcoming events

Vodafone Group Investor Relations

ir@vodafone.co.uk

1 Kingdom Street, London, W2 6BY

29 Jul 2025 11 Nov 2025 12 May 2026

Annual General Meeting FY26 Results H1 FY26 results

Matt Johnson Director Group Communications

matthew.johnson@vodafone.com

Roy Teal Deputy Director Group IR

roy.teal@vodafone.com

27 Jul 2026

FY26 Q1 Trading Update

David Irish Deputy Director Group IR

david.irish@vodafone.com

28 Jul 2026

Gertrúd Szabó Senior Manager Group IR

Annual General Meeting

gertrud.szabo@vodafone.com

Q3 FY26 Trading Update ⫶ February 2026

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